63Payments must be used to procure offset units—the Act, s 46(2)(f)

63 Payments must be used to procure offset units—the Act, s 46(2)(f)

63 Payments must be used to procure offset units—the Act, s 46(2)(f)

(1) A payment received by the scheme financial vehicle to satisfy the offset requirement must be paid into the Fund.

(2) The regulator must procure and surrender the offset units required to be procured and surrendered by an LTES operator who made a payment under clause 62(3) instead of procuring and surrendering the offset units.

(3) If the cost of the procured offset units is different from the cost estimated by the regulator under clause 62(3)(a), the LTES operator must pay, or be refunded, the difference.

cl 63: Ins 2022 (787), Sch 1[3].